An ETF that tracks the trades of Democrats in Congress and their spouses has outperformed the broader stock market since its launch last year.

The Unusual Whales Democratic ETF, which trades under the symbol "NANC" in a nod to former House Speaker Nancy Pelosi, has surged 30% since its launch on February 7, 2023. That compares to a gain of 24% for the S&P 500 over the same time period.

Looking underneath the hood of the ETF, it's clear that an outsized bet on mega-cap tech stocks has driven much of the outperformance over the past year. Microsoft alone represents nearly 10% of the fund, and its top 10 holdings make up a highly concentrated 50% of the fund.